FCP Makes Strategic Entry into Las Vegas Market with Acquisition of The Avondale Apartments
In an assertive move within the multifamily market, FCP has recently announced its first investment in Las Vegas, NV, showcasing a strategic expansion of its portfolio. Focused on growth and long-term prospects, FCP has acquired The Avondale Apartments, a 560-unit residential community well-positioned in the thriving Peccole Ranch master-planned area, adjacent to the dynamic 20,000-acre Summerlin development.
Bart Hurlbut, Senior Vice President and head of Western US investments at FCP, expressed the company’s intent behind this major acquisition, stating, “FCP is excited to expand its Western U.S. footprint and enter Las Vegas with the addition of such a high-quality asset in a top-tier location. While the property has been institutionally owned and well-managed, we see a great opportunity to take advantage of the immediate proximity to employment and amenities while repositioning the community.” Hurlbut went on to highlight the company’s astuteness in a challenging transaction environment, reiterating their capacity to “find ways to acquire communities in great locations in growing markets where we see continued long-term fundamental strength, and Avondale Apartments meets those criteria to a tee.”
FCP’s acquisition comes with plans for a series of capital improvements aimed at enhancing resident experience and community value. The proposed upgrades include a transformation of common areas, along with a suite of modern renovations to individual units, poising Avondale Apartments to excel in what is constituting as one of Las Vegas’ most sought-after submarkets.
Conveniently located, the Avondale community affords its residents a host of inside and surrounding amenities. Highlights include miles of walking trails, athletic courts, and an abundance of retail and recreational venues. Additionally, Avondale’s residents can indulge in luxurious on-site features such as hardwood floored units, upscale appliances, and a wide range of fitness and pet-friendly facilities.
As the deal was finalized, FCP extended its gratitude towards the CBRE’s Las Vegas Investment Sales and Mid-Atlantic Debt and Structured Finance teams for their significant roles in both the sale’s representation and the procurement of acquisition financing.
This investment by FCP underscores their commitment to identifying and cultivating multifamily opportunities even amidst a challenging market landscape, thus reinforcing the resilience and strategic vision that define their brand within the multifamily industry.